Animoca Plans to Raise $1B in New Metaverse Investment Fund

• Animoca plans to raise $1 billion for its new Web3 and metaverse investment fund.
• Some firms in Animoca’s portfolio suffered from the FTX collapse.
• Regardless of the FTX fiasco, Animoca’s liquid crypto holdings are $940 million.

Animoca Brands Corporation, a leading Web3 firm, has announced its goals for the year’s first quarter. According to a recently concluded Twitter Space, the company hopes to raise about $1 billion for its new Web3 and metaverse investment fund.

Yat Siu, a co-founder of Animoca Capital, noted in the conversation with Bloomberg that the company was in discussions with possible investors and will use the money to assist blockchain and metaverse firms.

Siu also revealed that multiple companies in Animoca’s investment portfolio suffered from the collapse of the FTX crypto exchange, including NFT spaceship seller Star Atlas. Nonetheless, a publication from Animoca showed that the firm remains buoyant regardless of the FTX fiasco. Its liquid crypto holdings are $940 million as of November 2022, up from $870 million in April.

In a related development, the international entrepreneurial magazine Fortune recently counted the top crypto projects that received some of the highest funding in 2022. The report captured how major investors gradually cut their bets on the Web3 businesses as the crypto winter set in.

According to the study, global financing for crypto businesses decreased from $8.8 billion in the first quarter of 2022 to $6.2 billion in the second quarter to about $3.4 billion in the third quarter.

Some of the Web3 projects that received the highest funding during the first quarter of 2022 included Polygon, Bored Ape Yacht Club’s Yuga Labs, and ConsenSys, which all got $450 million.